CEO and Executive Board elected for state-run energy group
As part of the corporate governance restructuring of the state-controlled Visagino Atominė Elektrinė (VAE) group of energy companies, the Supervisory Board elected the parent company's Executive Board for a four year term.
Dalius Misiūnas, Ilona Daugėlaitė, Darius Kašauskas, Mindaugas Keizeris and Liudas Liutkevičius were chosen to be members of the Executive Board of the group of energy companies being reorganized (the group is currently known as Visagino Atominė Elektrinė). After considering the Supervisory Board's recommendation, Dalius Misiūnas, CEO of AB Lietuvos Energija, was elected to be the Chairman of the Executive Board and the company's CEO.
According to Chairman of the Executive Board and CEO, Mr. Misiūnas, all of the newly-elected members of the Executive Board are energy sector employees and strategic planning, finance, human resources, electricity production management and commerce professionals.
Former VAE corporate group CEO Rimantas Vaitkus will continue working on the Visaginas Nuclear Power Plant project.
One week ago, by order of Minister of Finance Rimas Šadžius, Šarūnas Kliokys (Chairman of the Supervisory Board), Antanas Danys and Virginijus Lepeška were appointed as independent members of the VAE Supervisory Board. Vice-ministers Aloyzas Vitkauskas, Žydrūnė Juodkienė and Rasa Noreikienė will represent the Ministries of Finance, Economy and Energy on the Supervisory Board, while Adviser to the Prime Minister Tomas Garasimavičius will represent the Chancellery of Government.
By creating a Supervisory Board with independent members and electing an Executive Board, the corporate group will have successfully separated its management responsibilities. These changes are provided for in the new management model for the state-controlled group of energy companies, which is being prepared according to corporate governance guidelines approved by the Minister of Finance.
“Soon, supervisory boards with independent and shareholder representatives will be elected at any subsidiary companies listed on the stock exchange. Supervisory boards will not be created at companies and corporate groups engaged in service roles, but their executive boards will include independent and shareholder board members,” said D. Misiūnas.
The reorganization of the corporate group will be completed by October 2013, followed by long-term strategic and systemic changes intended to increase the corporate group's efficiency and effectiveness.
The energy company group includes the electricity generation, distribution and service companies UAB VAE SPB and AB Lietuvos Energija (which unites the Elektrėnų thermal power plant, the Kruonis pumped-storage power plant and the Kaunas hydroelectric power plant), AB LESTO, and these companies' subsidiaries (the Technology and Innovation Center, NT Valdos, Energijos Tiekimas, Elektros Tinklo Paslaugos, the National Energy Teaching Center and Kauno energetikos remontas).
